History

14 April, 05:37

8. Minimum wage is

(1) The minimum price that an employer

can pay a worker for an hour of labor.

(2) The financial and opportunity costs

consumers pay when searching for a good or

service.

(3) A situation in which quantity supplied in

greater than quantity demanded; also

known as excess supply,

(4) Situation in which guantity demandes

greater than quantity supplied; also know

as excess demand.

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